Over the past 30 years, policymakers from around the United States have spent countless hours and numerous dollars on programs, policies, and incentives to create venture-capital clusters and to stimulate investments in their cities and regions.
The end result of their efforts? Venture-capital investment activity is more concentrated in Silicon Valley today than it was in the late 1980s, when personal computers were all the rage, Mark Zuckerberg was but a toddler, and the web browser hadn’t yet been invented.
